{"id":5835,"date":"2025-09-03T19:43:48","date_gmt":"2025-09-03T14:43:48","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=5835"},"modified":"2025-09-03T19:43:48","modified_gmt":"2025-09-03T14:43:48","slug":"senate-committee-recommends-shifting-virtual-assets-authority-under-finance-division","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=5835","title":{"rendered":"Senate Committee Recommends Shifting Virtual Assets Authority under Finance Division"},"content":{"rendered":"

Islamabad, September 3<\/em> \u2014 The Senate Standing Committee on Finance and Revenue has recommended placing the proposed Virtual Assets Authority under the Finance Division instead of the Cabinet Division, citing the specialized nature of its functions.<\/p>\n

The recommendation came during a committee meeting held at the Parliament House on Wednesday, chaired by Senator Saleem Mandviwalla. The session focused on reviewing the Virtual Assets Bill, 2025<\/strong>, which seeks to regulate virtual assets in line with international standards.<\/p>\n

According to a statement issued by the Senate Secretariat, the committee emphasized that oversight of the Virtual Assets Authority would be more appropriately managed by the Finance Division. \u201cWhile thoroughly examining the bill, the committee recommended that the Virtual Assets Authority should be placed under the Finance Division instead of Cabinet Division, given the nature of the subject,\u201d the statement noted.<\/p>\n

The proposed authority is expected to play a critical role in curbing financial crimes such as money laundering, terror financing<\/strong>, and other illicit activities<\/strong> linked to digital assets.<\/p>\n

During the meeting, the committee also set criteria for the appointment of the Authority\u2019s chairperson, recommending an upper age limit of 55 years<\/strong> and a minimum of five years\u2019 experience<\/strong> in digital finance and technology<\/strong>.<\/p>\n

After an in-depth discussion, the committee decided to defer further deliberations<\/strong> on the bill to its next meeting.<\/p>\n

Separately, last month, the Pakistan Virtual Assets Regulatory Authority (PVARA)<\/strong> held its inaugural board meeting in Islamabad, where it deliberated on withdrawing the State Bank of Pakistan\u2019s (SBP)<\/a> 2018 ban on virtual currencies<\/strong>. The board also discussed a roadmap for implementing AI-driven risk management<\/strong>, licensing regimes, and other regulatory frameworks.<\/p>\n

The SBP’s BPRD Circular No. 03 of 2018<\/strong> had prohibited financial institutions from dealing in virtual currencies such as Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, and Pay Diamond<\/strong>, stating that these were not recognized as legal tender or backed by the Government of Pakistan.<\/p>\n","protected":false},"excerpt":{"rendered":"

Islamabad, September 3 — The Senate Standing Committee on Finance and Revenue has recommended placing the proposed Virtual Assets Authority under the Finance Division instead of the Cabinet Division, citing the specialized nature of its functions. The recommendation came during a committee meeting held at the Parliament House on Wednesday, chaired by Senator Saleem Mandviwalla. […]<\/p>\n","protected":false},"author":1,"featured_media":5754,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[1305],"tags":[],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t